Australia's Commonwealth Bank and CSIRO’s Data61 developed a blockchain-based programmable smart money app that can be programmed to determine "what it can be spent on, who it can be spent by and when it can be spent."
To trial the smart money concept, Commonwealth Bank teamed up with Australia’s National Disability Insurance Scheme to put together a case study of the highly personalized payment concept. Within the user-friendly smart money app, individual plans can be developed with various budget categories, each of which can be assigned its own set of spending rules. As such, the smart money system helps to automatically log receipts, make payments for services from NDIS service providers and keep tabs as money is spent.
As Sophie Gilder from Commonwealth Bank of Australia’s Innovation Lab puts it, "programmable money represents an opportunity to re-envisage how we think about money and how payments function across the economy."